Last Updated on January 17, 2021 by NandiNN
How to achieve financial freedom
If you are here looking for steps to financial freedom for women, you are in the right place.
You could be just one of the many women who dream big and hope to lead a more financially independent life regardless of what life throws at them.
And even though I recently started a family of my own, I decided that I wanted to do what was good for me financially.
This article provides great insight into career opportunities that helped numerous financially independent women to pursue their unique career ideas.
It also shares all the different ways to earn extra money.
Whether you are looking for financial advice for women or financial tips you can use to finally have a better life financially, these tips should help!
Grab a pen and paper as we are going to show you how to reach financial freedom.
Here is what we want to look at today:
Financial freedom vs financial independence
Best quotes on financial freedom
The 10 Steps to financial freedom to follow
I am glad that you have decided to take the steps to become financially independent!
Why is it important for a woman to be financially independent?
As a woman, I think it is absolutely necessary to ensure you have the money management skills needed to succeed and not rely on others for money.
And the best way to become financially independent is to learn more about managing money better.
Everyone should work toward achieving financial independence if they want to really be happy and stress-free.
This doesn’t mean having millions, but enough to care for your lifestyle!
Spending more than you have is a recipe for living in debt for the rest of your life.
We have plenty of personal finance tips on the blog, but, today I really want to focus on the steps you can take to become financially free.
By using the financial freedom steps outlined in this post today, you will find yourself in a much better situation than you are now.
So what are the 10 steps to financial freedom for women?
Before we get started on the steps to take for financial freedom for women, we did want you to follow us on Facebook for more awesome ideas on saving or making more money. You can also follow us on Instagram for more tips.
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What is financial freedom and why its important for women?
Basically, Financial freedom is the ability to make simple life decisions without stressing about the financial impact it will make.
If you are financially free and prepared, you can decide to take off work to look after a family member should they suddenly become ill, or take that vacation to distress.
In other words, you control your money instead of first checking on the money before you can make a big lifestyle change.
Setting your financial goals and planning your steps accordingly will help you achieve financial freedom in no time.
You’re bound to have a lot of amazing opportunities in life for earning money regardless of whether you’re an entrepreneur, a freelancer, or into a home-based job.
But you want to make sure you are taking advantage of opportunities that will help you succeed financially.
Most women do not have flexibility at the workplace in terms of picking their work options and their preference for work schedules.
So looking after your finances is extremely important.
Why is it important to become financially free as a woman:
- You will be able to live your life the way you want
- You will not be living paycheck to paycheck
- You will have the time to enjoy your life
- You will have security in case an emergency occurs
- You will be less stressed
These are just a few reasons you should really consider looking into the steps need for financial freedom for women!
10 steps to financial freedom for women:
1. Work on Your Money Mindset
The first step to financial freedom for women is your mindset.
People have so a lot of bad ideas and misconceptions about money.
Some even consider money as the root of all evil.
Yes, you do not need money to be happy and you can make do with what you have. But for those that are struggling each month, this may not be an ideal situation.
If you truly want to embark on the journey of becoming financially free, you need to change your money mindset.
Having a positive money mindset will only help you grow and become better in areas that matter the most which will be your life and wealth.
Thinking negatively about money is not healthy especially if you really want to become financially free.
Work through any money blocks you may have which will help you have a better handle of what to do in the next few steps.
I suggest using this Money & Abundance Mindset Planner daily to manifest money and grow your wealth monthly.
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2. Come Up With A Financial Goal
Becoming financially free is different for many people.
I suggest coming up with a financial goal and take the steps to work towards that goal.
Determine exactly where you want to be 5 and maybe 10 years from now.
What does retiring look like to you?
As a woman, it is really important to work on a financial goal that makes sense.
For me, 3 years ago, one of my financial goals was to make $5000 a month from home with a blog.
I surpassed this goal by working really hard.
It definitely all started by writing down my money goals of how I was going to achieve that and breaking it down further into smaller steps of what I was going to do daily to make $5000!
That’s why I typically encourage women to work on a financial freedom plan right away.
Write down your financial and money goals using this planner and then proceed to outline the exact steps you will personally take to achieve that.
A financial freedom planner like the one I just mentioned will make meeting your financial goals much easier.
3. Consider A Working Budget
Another crucial step to financial freedom for women is working and creating a budget that works.
By creating a budget that works well means you will have better control of your finances.
With better control, you can save more money, pay off your debt, and grow an emergency fund that will allow you to have more room to breathe.
If you are not sure where your money is going, it’s time to change that process today.
If you are not able to quickly increase your income, you can change how your money is being spent each month.
This is where a budget comes in.
A budget can help you track your spending and figure out what areas of your life you can cut back on spending.
To help you start a budget that is successful, consider grabbing any of these FREE printable monthly budgets to further help you get organized and help you hold yourself accountable each month.
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4. How Much Do You Spend Monthly?
Do you know how much money you are spending each month?
Now that you have a budget in place and you know where your money is going, you need to start tracking your money so you never go over budget.
Having a budget and controlling your spending is one thing.
A budget will do nothing for you if you do not follow it as you planned it. It is extremely important that you revisit your budget regularly to make sure that you are always on track.
There are a few tools you can use to track your spending and stay on top of it.
You definitely want a great tracker that will allow you to quickly see what came in and was earned and what money was spent.
If you are not sure how much money you are spending on junk or unnecessary things, be sure to grab my FREE spending tracker today.
5. Analyze Your Spending
Your journey to financial freedom requires you to take a good look at monthly expenses and cutting down where needed to ensure it fits your new lifestyle.
If your goal is to become financially free really quickly you will need to cut down on your monthly/yearly expenses.
A few things I did this year was to renegotiate my car insurance.
I was paying over $150 on a car that I drove for less than 2 hours a day.
When my insurance company refused to budge, I signed up for a new insurance company and that was now $90 a month.
You do need to reduce your expenses in order to achieve financial freedom quickly.
Cutting your expenses is extremely important because the less you spend, the more money you will have overall to achieve financial freedom.
You can use an amazing app like the Trim Saving App which is designed to help you save money by negotiating bills on your behalf.
Trim is great as it analyzes your accounts and determines where you can save by canceling subscriptions for you, setting aside an amount of money in your savings, and finding cash back and refunds for you.
Go ahead and sign up for the Trim Saving App!
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6. Pay off Your Debt Fast
The ability to get ahead financially when you are in serious financial debt is almost impossible!
And to be honest, there is nothing wrong with having debt, what’s done is done.
You just need to make a serious plan to get rid of it. I have in the past ignored my debt and continued to rack it up.
That was a really bad judgment call on my part.
I would suggest reading up exactly how I paid off $10, 000 of debt fast right here.
You can also grab this tool – pay off debt planner I regularly use and recommend to keep you on track when paying off debt fast!
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7. Save for Retirement
Most women make the bad decision of not saving for retirement early enough.
I wish I had started in my 20s.
Here are two mistakes most women really make:
- They start saving too late
- And they do not save enough
In my 20s, when I was told to start saving for retirement, my response was like what?
I need that new purse.
Even though I did start contributing finally, I contributed the bare minimum.
If I could go back and do it all over again, I would start saving from the get-go.
Saving even as little as 10% of your income early on is way better than not doing anything at all.
Read this post if you want to know more about how to live frugally and save for retirement.
If you have a goal of becoming financially free and would like to learn more about how to successfully make sense of your income, join our 30 Money Challenge where we will share actionable tips you can use to succeed with money.
Go ahead and sign up right here.
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8. Increase Your Income
The best way to achieve financial freedom for women is to find a way to increase their income especially if you are barely getting by.
This may not be as easy as it sounds, but it is easily achievable through part-time jobs that pay handsomely.
For those that are looking to become financially free this year, I suggest looking at different ways you can increase your income to make ends meet.
Other ways to make extra money:
- Ask for a raise
- Start a Side Business
- Start investing
If you don’t have a full-time job that pays well consider using your skills to make extra money to improve your finances.
Here are a few ways I really recommend you do just that:
- Try Becoming A Proofreader From Home for Extra Income
- Find Out How People Make Money Transcribing from Home
- Find out How to Make $100 in 7 Days Flipping Things from Home
And one of my personal favorite ways of making extra money from home is making and selling printables online.
Sarah Titus an amazing blogger that I know and admire was able to make over $2 Million a year selling Printables.
If you want more inspiration, watch the video below to see exactly how a stay at home mom was able to make over $6K+ per month selling Printables!
Sign up for Suzi’s course to learn more about how to make money selling printables from home.
10. Get Financial Help
If what you are doing to become financially free is not working, get help.
You can’t do it all alone.
Finances are tricky, it takes time and if you are not sure what to do, it can be extremely stressful.
It is important to get the help you need to ensure you are making the right financial decision.
You can get financial books such as You Are a Badass at Making Money: Master the Mindset of Wealth.
Or even The 4-Hour Work Week: Escape the 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss!
You can even listen to amazing money podcasts such as:
Women have the power to become financially free if they set their minds and hearts on it.
The tips outlined here are made to make you more financially free so you can live your best life.
We hope you enjoyed reading this post full of actionable steps for financial freedom for women!
Here are 5 Financial freedom quotes to keep you motivated:
I love using quotes and you will definitely find them on many of our posts.
Financial freedom for women is really important to me.
I am hoping these quotes on financial freedom will inspire you to get on your journey to financial independence today.
Here are 5 quotes that resonate with me the most:
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